Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts PDF full book. Access full book title Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts by Kee-Hong Bae. Download full books in PDF and EPUB format.
Author: Kee-Hong Bae
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Get Book Here
Book Description
This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advantage even after controlling for firm and analyst characteristics. The importance of the local advantage is inversely related to the quality of the information provided by firms. In particular, the local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. The local advantage is also negatively related to market participation by foreign investors and by institutions and positively related to holdings by insiders. U.S. investors underweight a country's stocks more in their portfolios if that country has a higher analyst local advantage.
Author: Kee-Hong Bae
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
Get Book Here
Book Description
This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advantage even after controlling for firm and analyst characteristics. The importance of the local advantage is inversely related to the quality of the information provided by firms. In particular, the local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. The local advantage is also negatively related to market participation by foreign investors and by institutions and positively related to holdings by insiders. U.S. investors underweight a country's stocks more in their portfolios if that country has a higher analyst local advantage.
Author: Anthony Bown Sanders
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 226
Get Book Here
Book Description
Author: Kee-Hong Bae
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 60
Get Book Here
Book Description
"This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than analysts who are not resident in that country. Using a sample of 32 countries, we find that there is an economically and statistically significant analyst local advantage even after controlling for firm and analyst characteristics. The importance of the local advantage is inversely related to the quality of the information provided by firms. In particular, the local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. The local advantage is also negatively related to market participation by foreign investors and by institutions and positively related to holdings by insiders. U.S. investors underweight a country's stocks more in their portfolios if that country has a higher analyst local advantage"--National Bureau of Economic Research web site
Author: Kee-Hong Bae
Publisher:
ISBN:
Category :
Languages : en
Pages : 43
Get Book Here
Book Description
Author: Michael H. R. Erkens
Publisher: Springer
ISBN: 3658134410
Category : Business & Economics
Languages : en
Pages : 175
Get Book Here
Book Description
Michael Erkens analyzes the determinants and consequences of information disclosure. He presents an empirical investigation of corporate risk management disclosures of nearly 400 firms from 20 European countries. The results show that countries’ institutional settings and cultural values are predominant factors why firms disclose information on their risk management practices. In another study, the author analyzes the economic consequences associated with the publication of an annual report in English by European firms from non-English speaking countries. He finds that the release of English annual reports attracts more analysts and foreign investors to the firm, and decreases information asymmetries between insiders and outsiders of the firm.
Author: Esther Monzó-Nebot
Publisher: Taylor & Francis
ISBN: 100386290X
Category : Language Arts & Disciplines
Languages : en
Pages : 234
Get Book Here
Book Description
This collection re-envisions the academic study of institutional translation and interpreting (ITI), uncovering the ways in which institutional practices have inhibited knowledge creation and encouraging stakeholders to continue to challenge the assumptions and epistemics which underpin the field. ITI is broadly conceived here as translation and interpreting delivered in or for specific organizations and institutional social systems, spanning national, supranational, and international organizations as well as financial markers, universities, and national courts. This volume is organized around three sections, which collectively interrogate the knower – the field itself – to engage in questions around “how we know what we know” in ITI and how institutions have contributed to or hindered the social practice of knowledge creation in ITI studies. The first section challenges the paths which have led to current epistemologies of ignorance while the second turns the critical lens on specific institutional practices. The final section explores specific proposals to challenge existing epistemologies by broadening the scope of ITI studies. Giving a platform to perspectives which have been historically marginalized within ITI studies and new paths to continue challenging dominant assumptions, this book will appeal to scholars and policymakers in translation and interpreting studies.
Author: Hongmian Gong
Publisher: Routledge
ISBN: 1134989407
Category : Architecture
Languages : en
Pages : 211
Get Book Here
Book Description
This book is a collection of selected papers presented in the 2012 annual meeting of the Association of American Geographers in New York honoring James O. Wheeler (1938-2010). The eight papers are informed and inspired by James O. Wheeler's many contributions to urban geography, particularly in the areas of urban hierarchy, information flows, cities in the telecommunications age, and cities as corporate command and control centers. They adopt and extend Jim Wheeler’s corporate and/or hierarchical approaches to discuss institutional investment in the U.S., corporate interlocking directorates and fast-growing firms in Canada, corporate intangible assets in South Korea, urban development in Beijing and Macau, and social and cultural diversity of global cities such as New York. Although these two approaches are not the fanciest ones in today's urban geography, they are essential to the understanding of how urban areas are connected and what drives this interconnectedness in this age of globalization. This book was previously published as a special issue of Urban Geography.
Author: Peter Lückoff
Publisher: Springer Science & Business Media
ISBN: 3834965278
Category : Business & Economics
Languages : en
Pages : 604
Get Book Here
Book Description
Peter Lückoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously underperforming funds back to average levels.
Author: Wei Shi
Publisher: John Wiley & Sons
ISBN: 1119798256
Category : Business & Economics
Languages : en
Pages : 323
Get Book Here
Book Description
Explore the interplay between corporate governance and strategic decision-making in this startling new resource In Understanding and Managing Strategic Governance, strategy and management experts Dr. Wei Shi and Robert E. Hoskisson deliver an insightful exploration of the influence that governance actors, like the board of directors, activist investors, institutional investors, and securities analysts, have on important strategic decisions. Based on surveying the latest research and analyzing unique datasets compiled by the authors, the book explains the impact that governance actors have on a firm’s strategic choices and the quality of such choices as well as the unintended consequences of that impact. The authors also describe how executives can manage the conflicting interests of multiple governance actors and leverage the influence of these actors to make effective strategic decisions. In this book, you’ll discover: How to avoid the strategic pitfalls that arise from governance actor influence and harm firms’ long-term competitiveness The effect that governance actors can have on corporate strategy, competitive strategy, corporate innovation strategy, global strategy, stakeholder strategy, and more The latest trends in corporate governance and their implications for managers, regulators, and policy makers in this area Perfect for C-level executives, board of directors, and institutional investors as well as students of corporate governance and strategy, Understanding and Managing Strategic Governance is a revealing and original examination of the interplay between corporate governance and firm strategy and how to manage that interplay to create sustainable competitive advantages.
Author: Stephen B. Tallman
Publisher: Edward Elgar Publishing
ISBN: 1847208851
Category : Business & Economics
Languages : en
Pages : 355
Get Book Here
Book Description
Stephen Tallman has put together an excellent tome by high-quality emerging scholars that provides cutting edge knowledge on the field of international strategy. The coverage is thorough, including more traditional topics such as the outcomes of internationalization (e.g., performance, innovation, risk reduction) and market entry modes of cross-border M&As and alliances, while also exploring unique and important topics such as investment in global cities and the development of new organizational forms. It is a must read for graduate students and scholars interested in international strategy. Michael A. Hitt, Texas A&M University, US This book comprises eighteen cutting edge chapters by emerging scholars in international strategy, offering a variety of fresh perspectives on critical issues that the field will face in the near future. These young scholars have unique and innovative thoughts about international strategy, which are well ahead of the mainstream of international business academics. Various topics are addressed, including the rise of outsourcing and the global spread of research and development activities; structural innovations by multinational firms, with particular attention to organizing for the efficient transfer of knowledge resources within networks of alliances; and new ways of considering the effects of location, focusing on the relative importance of regional clusters and countries and the impact of geographical and cultural distance on international strategies. Stephen Tallman has geared the book to an academic audience, specifically faculty and graduate students in international business, international management, and global strategy. Sophisticated international business practitioners will also find it an interesting read.
